BitShine in Taiwan Involved in Crypto Scam and Suspected Money-Laundry Over NT$2.3 Billion

The allegedly largest physical cryptocurrency store in Taiwan, BitShine, is under investigation for its suspected involvement in a cryptocurrency scam. Authorities believe the company converted defrauded funds into virtual assets, with a total amount of NT$2.3 billion laundered.

Since April, authorities have carried out raids on multiple stores operated by BitShine, seizing over 640,000 USDT and other cryptocurrencies with an estimated value of approximately NT$20 million. In addition, police seized more than NT$6 million in cash, two luxury vehicles, and NT$12.4 million held in company bank accounts.

On August 22, the Shilin District Prosecutors' Office in Taiwan indicted Shi Qiren, Yang Jiwen, and 12 other suspects. Prosecutors stated that Shi denied the charges and demonstrated a poor attitude during the investigation. And they are seeking a 25-year prison sentence for him.

It is reported that the scam group falsely claimed to be supervised by Taiwan's Financial Supervisory Commission (FSC), posted false advertisements online, and used the promise of “high returns, low risk” to lure victims into purchasing USDT. After receiving the funds, the fraudsters immediately transferred the money overseas.

According to the police, these fraudulent activities affected 1,539 victims, with total losses exceeding NT$1.2 billion.

After investigators disclosed that several suspects had claimed to hold senior positions at CoinW, the company stated on August 22, asserting that its management “has never been involved in any illegal money laundering or fraud activities.”

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